URA has launched white site at Central Boulevard for sale by public tender. Earlier this month, the parcel was triggered for sale via public tender following a successful application from a developer. The developer was committed to bid at a price of not less than $1.54 billion in the tender, which works out to $1,010 psf per plot ratio. The white site was on the reserved-list of 2H2016 Government Land Sales programme.

“The tender for the Central Boulevard site is expected to garner keen interest given the scarcity of vacant plots available for the development of good grade modern offices in the city centre,” says Tay Huey Ying, Head of Research, Singapore, JLL.

The 116,990 sq ft plot is located opposite Telok Ayer Market (Lao Pa Sat) within the Marina Bay area. It is also located close to Downtown MRT station, Raffles Place interchange and the upcoming Shenton Way MRT station.

At least 1.08 million sq ft or 71% of the 1.52 million sq ft maximum allowable gross floor area (GFA) is dedicated for office use. The successful bidder is also allowed to develop retail units, hotel, serviced apartments and residential units on the remaining GFA.

“The substantial total investment outlay involved would likely see interested parties pooling together resources, including market knowledge, experience and expertise, in order to share the development risk,” adds Tay.  “They are likely to form consortiums to participate in this tender.”